CIMB's Indonesian subsidiary, CIMB Niaga, reported a 29.5% year-on-year jump in pre-tax profit to two trillion rupiah (about RM607mil) in the first quarter of 2023.
KUALA LUMPUR: CIMB Group
Holdings Bhd’s 92.5% indirectly held Indonesian subsidiary PT Bank CIMB Niaga Tbk reported a 29.5% year-on-year (y-o-y) jump in pre-tax profit to two trillion rupiah (about RM607mil) in the first quarter of 2023 (1Q23).
“We have begun 2023 by delivering another strong quarter with good performance for all business segments, on the back of solid loan growth and improved underlying asset quality indicators,” president director Lani Darmawan said in a statement.
“Gross non-performing loans declined to 2.6% from 3.6% in 1Q22 and 2.8% in 4Q22, and these results allow us to accelerate value creation for our stakeholders and reinforce our confidence in a positive outlook for the rest of 2023.”
Lani said its performance reflects Indonesia’s robust economic recovery and significant progress in the execution of its five-pillar strategy with a key focus on achieving sustainable profitable growth.
“We will continue building and leveraging our digital capabilities to enhance customer experience and drive long-term goals,” she added.
CIMB Niaga’s key profitability indicator, return on equity, improved to 15.1%. The bank maintained a solid capital and liquidity position with capital adequacy ratio and loan-to-deposit ratio of 21.3% and 82.2%, respectively.
Its total consolidated assets stood at 347.3 trillion rupiah (RM105.2bil) as of March 31, while total deposits reached 240.1 trillion rupiah (RM72.76bil) with current account saving account ratio at 61.2%.
